‘Financially Confident’ Parents Drive 3.7%-4.1% BTS Spending Increase

While back-to-school spending projections range between $27 billion to $29.5 billion, Synchrony Financial anticipates seasonal sales will increase anywhere between 3.7% and 4.1%. The financial services company expects parents of K-12 students in particular to drive this spending increase:

  • 63% of K-12 parents say they are feeling confident about their overall financial condition;

  • 75% of these parents say they feel confident about their job; and

  • 63% of K-12 parents say their household financial situation has improved this year, a jump of 10 points over last year.

More than half (53%) of these parents expect to spend more this year than last year. In 2016, only 40% anticipated they would spend more. This increase is primarily because:

  • 45% expect to spend more on computers;